Lesson #1: Find A Good Investment
Finding the right property is the key to a successful renovation or house flip. Know your market and what houses are selling for in the prospective neighborhood. You may need the assistance of a Real Estate Agent to help find current home values. There are free website tools you can use, but they aren’t always as accurate and up to date as the information available to a licensed agent.
Always consider properties that most buyers overlook due to unkempt lawns, junk in the back yard or untidy tenants. These houses are easier to negotiate lower prices for and that leaves more profit for you after the renovation.
Make sure an inspector has a good look at the structure of the home during your due diligence period. One key to a successful flip is to avoid unexpected and costly surprises such as leaky plumbing, outdated electrical wiring or basement leaks.
Below are a few "before" pictures of our current project. The house needs a lot of clean up, but otherwise has a good structure. Look for the next upcoming lesson, everyone's favorite, The Demo!